According to The Insight Partners study on “Global Sake Market Forecast to 2027 – COVID-19 Impact and Analysis – by Type (Ordinary Sake, Junmai, Honjozo, Junmai Ginjo, Ginjo, Junmai Daiginjo); Range (Premium, Medium, Low),”the marketwas valued at US$ 9,290.16 million in 2019 and is projected to reach US$ 13,146.68 million by 2027; it is expected to grow at a CAGR of 4.7% from 2020 to 2027.The report highlights key factors drivingthe market growth and the prominent players along with their developments in the market.
Report Coverage Details
Market Size Value in- US$ 9,290.16 Million in 2019
Market Size Value by- US$ 13,146.68 Million by 2027
Growth rate- CAGR of 4.7% from 2020-2027
Forecast Period- 2020-2027
Base Year- 2020
No. of Pages- 135
No. Tables- 58
No. of Charts & Figures- 75
Historical data available- Yes
Segments covered- Product Type ; and Range
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Sake is an alcoholic beverage prepared by fermenting rice, which has been polished to remove the bran. Sake is also known as Japanese rice wine. Sake is known as Japanese wine and prepared from fermented rice. Unlike wine, in which alcohol is prepared by fermenting sugar that is naturally present in fruit (typically grapes), sake, and indeed any East Asian rice wine (such as huangjiu and cheongju), is mainly produced by a brewing process, which is more akin to that of beer, where starch is basically converted into sugars which ferment into alcohol. The brewing process for sake basically differs from the process for beer, where the conversion from starch to sugar and from sugar to alcohol occurs in two distinct steps. Like other rice wines, when sake is brewed, these conversions occur simultaneously. In Japan, sake is often served with a special ceremony, where it is gently warmed in a small earthenware or porcelain bottle and then sipped from a small porcelain cup called a sakazuki. Undiluted sake has an ABV of about 18%-20%. If sake is diluted with water prior to it is bottled, the ABV will be around 15%.
Effect of COVID-19 on Sake Market
COVID-19 outbreak started in Wuhan (China) in December 2019 and has rapidly spread around the globe. The US, India, Brazil, Russia, France, Spain, the UK, Italy and Argentina are among the most-affected nations in terms of affirmed cases and pronounced deaths, as of November 2020. According to WHO, there are ~58,712,326 affirmed cases and 1,388,528 death cases all around. COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns. The global food & beverages industry is one of the major businesses enduring supply chain breaks, and manufacturing disruptions due to lockdown and office shutdowns.
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Based on range, the sake market is segmented into premium, medium, and low. The low segment accounted for the largest share in market in 2019, and the premium segment is expected to register the fastest CAGR during 2019–2027. At present, around 70%–80% of the sake produced is non-premium or low priced Futsushu, also called as regular ‘table Sake’ or Sanzoshu. Sanzoshu is called as triple sake; referring to the 3-fold increase in yield the addition of raw ethanol can deliver the cost-conscious brewer. These types are typically brewed for maximum yield and value, using cheaper rice grades that are generally less polished under 30% removed and then brewed with significant amounts of distilled alcohol and sometimes other additives. The growing use of ordinary sake into culinary uses especially in foodservice industries is expected to drive the growth of this segment. Also high appreciation for Japanese food and rising trend of pairing cuisine varieties with sake is expected to boost the demand for low grade sake during the forecast period.
Sake Market: Competitive Landscape and Key Developments
The major players operating in the global sake market include Aramasa Co, Ltd., Asahishuzo CO., Ltd., Blue, Current Brewery, Gekkeikan Sake Co., Ltd, Hakutsuru Sake Brewing Co., Ltd, Kanpai London Craft Sake, Ozeki Corporation, Sun Masamune Pty Limited, Takara Sake USA Inc., Tatsuuma-Honke Brewing Co. Ltd. among others. These key players in the market are focused on new and improved product offerings so that it could meet out the demand for specific end-use industries in the market, which is further expected to boost this market. For Instance, on March 2019, Takara Sake USA Inc. had introduced Sho Chiku Bai Sho sake. Years of innovation and dedication resulted in the creation of this premium sake. This will enhance the product offerings of the company and helps the consumers to choose from a wide range of categories.
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